The blockchain revolution is upon us. What began as an experiment in finance and technology, initiated by Bitcoin, has now spawned an intricate blockchain ecosystem with countless independent networks. These networks form the infrastructure of Web3, the next generation of internet development.
Simply put, Web3 is the blockchain-based future of the web, in which essential internet services that are currently dominated by tech behemoths (Google, Facebook, Amazon, etc.) will instead be run in a decentralized manner, with finance and governance powers in the hands of the users themselves. Traditional tech companies will likely adopt aspects of blockchain technology, while new Web3 companies will rise to compete with existing businesses.
Blockchain networks, the building blocks of Web3, are continuing to grow and introduce unique innovations, but they currently lack the capacity to easily integrate with one another. Since each blockchain has its own capabilities and specialties, it is becoming increasingly clear that a mature version of Web3 will depend on integrating all chains, allowing for mutual growth and ease of accessibility for users. Let’s take a look at how the blockchain industry has evolved and what that means for businesses as a whole.
Bitcoin And The Blockchain Revolution
The launch of Bitcoin in 2009 was the first step in a blockchain technology revolution. Bitcoin was founded as a currency and store of value that functions as an alternative to national currencies. Rather than relying on any centralized entity (state, corporate or individual) to process and verify transactions, Bitcoin runs on a distributed, decentralized network of independent computers across the world. With the invention of Bitcoin, individuals could, for the first time in history, freely transfer funds without having to rely on any centralized authority.
Continue reading: https://www.forbes.com/sites/forbesbusinesscouncil/2022/08/05/web3-interoperability-the-next-great-leap-for-businesses/?sh=16cb2edf545e
Simply put, Web3 is the blockchain-based future of the web, in which essential internet services that are currently dominated by tech behemoths (Google, Facebook, Amazon, etc.) will instead be run in a decentralized manner, with finance and governance powers in the hands of the users themselves. Traditional tech companies will likely adopt aspects of blockchain technology, while new Web3 companies will rise to compete with existing businesses.
Blockchain networks, the building blocks of Web3, are continuing to grow and introduce unique innovations, but they currently lack the capacity to easily integrate with one another. Since each blockchain has its own capabilities and specialties, it is becoming increasingly clear that a mature version of Web3 will depend on integrating all chains, allowing for mutual growth and ease of accessibility for users. Let’s take a look at how the blockchain industry has evolved and what that means for businesses as a whole.
Bitcoin And The Blockchain Revolution
The launch of Bitcoin in 2009 was the first step in a blockchain technology revolution. Bitcoin was founded as a currency and store of value that functions as an alternative to national currencies. Rather than relying on any centralized entity (state, corporate or individual) to process and verify transactions, Bitcoin runs on a distributed, decentralized network of independent computers across the world. With the invention of Bitcoin, individuals could, for the first time in history, freely transfer funds without having to rely on any centralized authority.
Continue reading: https://www.forbes.com/sites/forbesbusinesscouncil/2022/08/05/web3-interoperability-the-next-great-leap-for-businesses/?sh=16cb2edf545e
